The Department of Veterans Affairs has announced it will accept electronic signatures in closing home loans with a VA guaranty. The VA said lenders are not required to use electronic signatures in VA loans but if they choose to, they must comply with the Federal Electronic Signatures in Global and National Commerce Act, or the E-Sign Act. The measure was signed into law in June 2000. The E-Sign Act establishes the baseline rules for Internet commerce, including nondiscrimination between handwritten and electronic signatures. The law also requires that electronic records be ...
VA Loan Guaranty: New Percentage to Determine Net Value of Collateral. The Department of Veterans Affairs has revised the percentage lenders and mortgage holders in the VA loan guaranty program use in calculating the purchase price of a property that secured a terminated loan. Effective Oct. 8, 2013, the new percentage is 14.95 percent, up from 11.87 percent, which has been in place for the past 12 years. North Carolina Amends Anti-Predatory Lending Law. The Tar Heel State enacted HB 692 on Aug. 23 to strengthen current consumer protections against ...
Purchase-money lending increased by a hefty 37 percent, climbing to an estimated $163 billion in the second quarter, according to figures compiled by Inside Mortgage Finance.
Some trade groups, including the California Mortgage Bankers Association and National Association of Realtors are not happy with the idea of lower loan limits.
Federal regulators dealt the private mortgage insurance industry a setback last week when they opted to ignore the presence of private MI coverage in defining “qualified residential mortgages” under a new proposed rule governing securitization. The new rule will require issuers of mortgage securities that are not backed by QRMs to retain a 5 percent share of the risk. As a practical matter, it won’t apply to Fannie Mae and Freddie Mac business as long as the government-sponsored enterprises are in conservatorship, although this exemption would not necessarily be extended to any post-GSE entity that Congress may create. If the agencies stick...
Look for an update late Thursday on the sale of Cole Taylor Mortgage. Meanwhile, does anyone care that credit unions are holding 30-year jumbo mortgages in portfolio?
Although agency originations and refinance activity continued to dominate residential mortgage lending during the second quarter of 2013, a new Inside Mortgage Finance analysis and ranking reveals that both those components were losing steam. In fact, the only product category to show growth during the period was the jumbo market, where originations increased by 9.3 percent and reached their highest quarterly volume – an estimated $59 billion – since the third quarter of 2007. On a year-to-date basis, jumbo originations were up 17.7 percent from the first half of last year. Agency production still accounted...[Includes two data charts]
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